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economic indicators

Fed: Regional economic outlook is ‘fairly positive’

ACCORDING TO THE BEIGE BOOK REPORT released by the Federal Reserve Bank of Boston, New England's economic outlook was "fairly positive," with the majority of contacts reporting year-over-year increases in economic activity.

Through the first quarter, hotel revenue in the greater Boston area increased 2 percent year over year, as did occupancy rates. Restaurant revenue is 1.5 percent higher than a year ago. Much of the increase in tourism revenue was attributed to strong domestic and foreign business travel.

Three-quarters of manufacturers contacted by the Federal Reserve reported higher sales levels compared with the same period in 2012. “Geographically, firms say that Europe remains weak and that both the U.S. and Asia are growing, but slightly below expectations,” said the report. Several respondents reportedly added “unusually volatile” month-to-month readings.

Five of the Fed’s eight manufacturing contacts are hiring, although the report added that only one is hiring in “any significant way and their hiring is outside the U.S.” Furthermore, one of the contacts plans to lay off workers by 2 to 3 percent over the next six months.

Still, three-quarters of manufacturing contacts said they were “reasonably optimistic” about the region’s economic outlook.

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